Allergy diagnostics market detailed study analysis and forecast by 2024

Allergy Diagnostics Market - Detailed Study Analysis and Forecast by 2024 Date: 03-15-2017 04:14 PM CET Category: Health & Medicine Press release from: Transparency Market Research - Pharmaceutical

Allergy Diagnostics Market: Snapshot The global allergy diagnostics market is poised to witness healthy growth during the next few years, driven primarily by the rising instances of allergies around the world and significant growth in diagnostic and treatment options for the same. The opportunity presented by the global market was pegged at US$1.3 bn in 2015 and is projected to be worth US$3.8 bn by 2024, expanding at a strong CAGR of 12.8% therein.

The market is characterized by extensive research efforts and technological advancements and manufacturers have been focused on conducting R&D activities to develop more effective diagnostic techniques, optimized allergens, and automated systems.

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Allergy Diagnostic Consumables Hold Dominant Share in 2015 By product, the consumables segment held the dominant share in the global allergy diagnostics market in 2015 and is likely to continue its lead throughout the forecast period. The low cost and high volume of consumables such as reagents and pipettes is the main factor responsible for the growth of the consumables segment.

Based on allergen type, inhaled allergens led the global allergy diagnostics market. Factors such as increased hygiene, especially in western countries, the lack of exposure to allergens at an early age, changing climatic conditions leading to strong and longer pollen seasons, the rise in tobacco smoking, and increased air pollution around the world are expected to drive the inhaled allergens segment during the forecast period. However, changing food habits and the increased consumption of packed and processed foods will lead to phenomenal growth in the food allergens segment by 2024.

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Alarming Levels of Asthma and Inhaled Allergies Driving North America and Europe Market North America led the global allergy diagnostics market with a share of more than 40% in 2015. According to the American Academy of Allergy Asthma and Immunology (AAAAI), approximately 26 million people in the U.S. suffered from allergic rhinitis in 2015, while around 15 million suffered from food allergies the same year. The lack of exposure to allergens in the early ages owing to increased hygiene levels in developed countries has led to the rising prevalence of inhaled allergies in the country. In addition to this, longer and stronger pollen seasons, technological advances in the field of allergy diagnostics, high per capita healthcare expenditure, and the increasing demand for better healthcare facilities are expected to drive the allergy diagnostics market in North America.

Europe is also a prominent market for allergy diagnostics in terms of revenue. According to the Allergy Organization of U.K., an estimated 150 million people in Europe suffered from allergies in 2015, of which, around 17 mn were diagnosed with food allergies. In the U.K. alone, approximately 5.4 million people were suffering from asthma in 2015. This growing prevalence of various types of allergies is expected to boost the demand for allergy diagnostics in the region.

The market in Asia Pacific is likely to expand at a phenomenal CAGR during the course of the forecast period. According to the Indian Council of Medical Research (IMCR), in 2014, around 17 million people in India suffered from asthma. Food allergies are the most prevalent form of allergies in Asia Pacific. According to the World Bank, around 84 million people in Asia Pacific suffered from food allergies in 2011. This will provide the allergy diagnostics market significant impetus during the forecast period.

Key players in the allergy diagnostics market include Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc., BioMerieux SA, Stallergenes Greer, Omega Diagnostics Group Plc, Siemens Healthineers, and HAL Allergy Group.

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